爱乐透彩票

Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme: Check PM Vaya Vandana Yojana Scheme Extends for Senior Citizens, PMVYY Interest Rate, Benefits

Updated: Jun 09, 2020 10:09 IST

Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme: Check PM Vaya Vandana Yojana Scheme Extends for Senior Citizens, PMVYY Interest Rate, Benefits

Vikram Sharma

Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme: Pradhan Mantri Vaya Vandana Yojana is a pension scheme managed and controlled by Life Insurance Corporation (LIC) for senior citizens. Over 10 years, the Pradhan Mantri Vaya Vandana Yojana (PMVYY) scheme allows for an annual return of 8 percent per annum payable monthly (equivalent to 8.3 percent per annum). Individuals, more than 60 years can avail of the PM Vaya Vandana Yojana Pension Scheme. The PMVVY pension scheme is applicable for Indian Citizens only. Now let's have a look at the PM Vaya Vandana Yojana details, eligibility, application process from this article.

 

 

 

 

 

Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme:

Pradhan Mantri Vaya Vandana Yojana Scheme is an insurance policy-cum- pension scheme which provides the country's senior citizens with alternative income avenues。 This PMVVY pension scheme, supported by the Indian Government, addresses one's need for post-retirement financial planning under National Savings Schemes。 To protect senior citizens from volatile market conditions and also to provide socio-economic protection, the government has provided for a 10-year period a continuous payment cycle as a pension at a monthly interest rate of 8 percent that accumulates at an annual rate of 8。30 percent。 

What are the benefits of Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme?

The scheme provides the pensioner with 8.00 percent monthly returns p.a. for 10 years. PMVVY is exempt from taxes such as service tax or GST. The pension is payable in arrears at the end of each period throughout the 10 year policy period. Payments are made monthly/quarterly/half-yearly / year according to the pensioner 's preference. The entire sum, including the purchase price and the final benefit fee, is due at the end of the 10-year insurance period when the pensioner lives. Loan up to 75 percent of the Principal Price may be allowed in the scheme after 3 years in the case of an emergency. The interest on this loan is recovered from pension income, while the loan amount is recovered from the receivables.

Who can apply for the Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme? 

  • The applicant will be 60 years of age or older (completed) before joining the scheme 

  • There is no maximum age to enter the Policy 

  • Must be an Indian Citizen 

  • Policy minimum term- 10 years

What are the documents required for the Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme?

  • Aadhaar Card

  • Proof of Age

  • Proof of Residence

  • Passport size photos of the applicant

  • Relevant Document/Declaration to show the retired status of the applicant

How to apply for the Pradhan Mantri Vaya Vandana Yojana (PMVYY) Scheme?

Online Process:

  • Check out the LIC website 

  • Tap on "Accessories" 

  • Look for Pension Plans and go-ahead 

  • Fill out the required application form under Purchase Policy

  • Submit the form and documents needed for further processing

Offline Process:

  • Types of application are available in all branches of the LIC 

  • The requestor must fill out the form 

  • Attach all necessary documents after checking them for yourself 

  • Submit the form and the documents to any branch of the LIC

What is the Validity of PM Vaya Vandana Yojana Scheme? 

The scheme will remain available for subscription until March 31, 2020, according to the announcement made in Budget 2018. The scheme can be ordered from the LIC website offline as well as online.

Pradhan Mantri Vaya Vandana Yojana- Modes of Payment

Pension payments are made in time intervals chosen by the retiree when applying for the plan. Such cycles are known as annual payments monthly, quarterly, half-yearly. Pension payment methods are as follows-

  • NEFT
  • Aadhaar Enabled Payment System

What is the maximum investment under Pradhan Mantri Vaya Vandana Yojana Scheme? 

The subscriber will invest up to Rs.15 lakhs into the scheme according to the latest government notification. Nevertheless, the cap applies only to the person who invests. So if your spouse is also older than 60 years, she can invest up to Rs. 15 lakhs separately in the scheme. The minimum expenditure to make use of Rs.1000 per month in the scheme is Rs.1.5 lakh.

Returns under Pradhan Mantri Vaya Vandana Yojana (PMVYY)?

Pradhan Mantri Vaya Vandana Yojana (PMVVY) offers an eight percent government return. The 8% annual interest is equivalent to 8.3% if you subscribe to a monthly pension scheme. As the scheme operates simply as a pension fund, it does not incur any GST or service charge. There's no revenue tax relief for the scheme, though. The taxable returns are. The difference between interest generated by the LIC and 8 percent guaranteed returns will be borne by the Indian government. The central government will be paying as a subsidy the difference amount to LIC.

About Pradhan Mantri Vaya Vandana Yojana- Pension Policy:

  • Under the scheme, the minimum pension guaranteed is Rs.1000 per month and can go up to Rs.10,000 per month, depending on the principal invested.

  • Under the scheme, one should invest Rs。 1,50,000 in order to get a minimum pension of Rs。1,000 per month。 Likewise, one can get a Rs。 10,000 pension a month with Rs。1。50,000 savings。

  • Since the insurance period is 10 years, the insurance buyer gets back his principal on completion of 10 years with the final pension installment.

  • In the case of the buyer 's death before completing 10 years, the principal sum will be credited to the account of the designated beneficiary. 

  • Ironically, the pension number isn't contingent on the subscriber's age.

Loans under Pradhan Mantri Vaya Vandana Yojana

爱乐透彩票The scheme helps the pensioners who are enrolled under the scheme to receive loans in the event of a medical emergency such as serious self or spouse illness.Maximum loan granted: 75% of the purchase price. The loan can only be applied for after 3 years in the Scheme Credit against loan shall be recovered from the benefits balance accrued under the scheme, and outstanding loan shall be recovered from the proceeds of the claim

What is the Pradhan Mantri Vaya Vandana Yojana Scheme Premature Exit?

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) also has provisions for a premature exit because of self or spouse's serious illness. For such a scenario, 98 percent of the spent principal would be refunded to the policy consumer. The remaining 2 percent will however, be charged as a penalty for the premature exit. When the policy buyer commits suicide, the candidate must be refunded 100 percent of the purchase price

Till when is the Pradhan Mantri Vaya Vandana Yojana scheme extended?

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme has been introduces for the senior citizens in the country. The scheme has now been extended till 31 March 2023. The move by GoI is to enable old age income security and the welfare of Senior Citizens. Under the extension, the scheme is assured with a return of 7.40 percent per annum for FY 2020-21. The annual reset of the rate of return on 1st April of every new FY. The terms & conditions of the scheme remain unchanged.

Pradhan Mantri Vaya Vandana Yojana Scheme- FAQ

1. What are the benefits of Pradhan Mantri Vaya Vandana Yojana Scheme?

The scheme provides the pensioner with 8.00 percent monthly returns p.a. for 10 years. PMVVY is exempt from taxes such as service tax or GST. The pension is payable in arrears at the end of each period throughout the 10 year policy period. Payments are made monthly/quarterly/half-yearly / year according to the pensioner 's preference.

2. What is the application Process for the Pradhan Mantri Vaya Vandana Yojana Scheme?

The application process can be done in both online and offline mode。 For online mode application visit the LIC official website and application can be collected from any branch of LIC in case of applying through offline mode。

3. What is the Validity of the Pradhan Mantri Vaya Vandana Yojana Scheme?  

The scheme will remain available for subscription until March 31, 2020, according to the announcement made in Budget 2018. The scheme can be ordered from the LIC website offline as well as online.

4. What are the Payment modes for the Pradhan Mantri Vaya Vandana Yojana Scheme?

爱乐透彩票Pension payments are made in time intervals chosen by the retiree when applying for the plan. Such cycles are known as annual payments monthly, quarterly, half-yearly. Pension payment methods are NEFT, Aadhaar Enabled Payment System.

5. What is the Maximum Investment under the Pradhan Mantri Vaya Vandana Yojana Scheme?

The subscriber will invest up to Rs.15 lakhs into the scheme according to the latest government notification. Nevertheless, the cap applies only to the person who invests. So if your spouse is also older than 60 years, she can invest up to Rs. 15 lakhs separately in the scheme. The minimum expenditure to make use of Rs.1000 per month in the scheme is Rs.1.5 lakh.


Trending News

Top News

Top Headlines

Artemis Fowl Full Movie Download Sukanya Samriddhi Yojana Hamraaz App Lootcase Full Movie Download Gandhi Fer Aa Gea Full Movie Download Great Grand Masti Full Movie Download ipl team player list 2020,vivo ipl player list, ipl 2020 squad list of all teams ipl team player list 2020,vivo ipl player list, ipl 2020 squad list of all teams Sardar Patel Scholarship free fire download in jio phone LIE Tamil Dubbed Full Movie Download Jio Pos Plus Apk Download FMWhatsApp 爱乐透彩票TN epass for Tamilnadu xvideosxvideostudio.video editor pro.apkeo XhamsterVideoDownloader APK www.xnxvidvideocodecs.com American Express GBWhatsApp YOWhatsApp Curon 10 Riddles with Answers for Kids & Adults Tamil Nadu renames cities, towns 爱乐透彩票supernatural A Mother Beats Her Daughter Puzzle Naruto National Statistics Day Cisco Webex Meeting App World Asteroid Day Outlander 10 Riddles with Answers for Kids & Adults Pradhama Shiksha Yojana Scholarship 2020 Play Store in Laptop State Without An A Riddle Person Without Mask Puzzle 爱乐透彩票Pradhan Mantri Yuva Rojgar Yojana Registration The Outsider Jagananna Chedodu Scheme 2020 OTTFFSS Riddle I shave everyday riddle Witcher Season 2 I Can Be Eaten For Breakfast Lunch And Dinner Riddle World Music Day 2020 lucifer season 5 爱乐透彩票World Diabetes Day uncut gems World Sickle Cell Day 2020 At A Four Legged Table Riddle Candy That was Stolen Riddle Sweeter Than Honey Riddle 100 People Standing In A Circle Riddle £97 Shirt WhatsApp Puzzle Decode 44 33 555 555 666 9 666 777 555 3 Riddle KIA vs KTW Dream11 Prediction What 9 letter word is still a word riddle Emancipation Day Windrush day International Day of Yoga 爱乐透彩票Autistic Pride Day World Hydrography Day Kannada Movie Download Penny Has 5 Children Riddle Hindi Movie Download I Turn Polar Bears White Riddle Telugu Movie Download Malayalam Movie Download International Picnic Day World Sauntering Day 爱乐透彩票Corpus Christi Queen's Birthday World Brain Tumour Day Two Father and Two Sons Riddle How Can A Leopard Change Its Spots Riddle 爱乐透彩票Mr Blue Lives in a Blue House Riddle What Lives in a Tiny House All Alone Riddle Dr Dolittle Riddle A Mile From End To End puzzle wv733n Name of Girl Riddle Answer DOB vs NCD Dream11 Prediction World Elder Abuse Awareness Day World Oceans Day Important Days World Refugee Day National Donut Day International Level Crossing Awareness Day 爱乐透彩票World Food Safety Day Global Wind Day Martyrdom Day of Guru Arjan Dev World Blood Donor Day World Day Against Child Labour World Milk Day Telangana Formation Day World Environment Day International Day of Innocent Children Victims of Aggression World Bicycle Day Lottery Sambad International Sex Workers Day Tamil Movie Download Watch Calculator and Bulb Puzzle 1 Rabbit saw 9 Elephants Riddle Answer GST World No Tobacco Day Radeon RX 580 Graphics Card Army Day Dr Dolittle Riddle DOB vs NCD Dream11 Prediction SKW vs LGT Dream11 Prediction Reliance Jio Hotstar Offer GHG vs FPC Dream11 Prediction Xbox One X Cyberpunk 2077 Limited Edition 1TB console Anydesk Download Epass Jharkhand TN Epass Coimbatore TN Epass Chengalpattu KSP Clear Pass TN Epass Tirunelveli 爱乐透彩票Epass Delhi Delhi Epass Jansunwai Epass E Pass Indore Epass Trichy Epass Bhopal 爱乐透彩票Kerala Epass TN E Pass Epass Telangana Epass MP E Pass Bihar Digital Gujarat SARAL HARYANA E Pass Seva Sindhu BTC vs GHG Dream11 Prediction ECC vs GHC Dream11 Prediction FPC vs VCC Dream11 Prediction RPD vs GRZ Dream11 Prediction Neverskip Parent Portal App Download Vinaya Vidheya Rama Tamil Dubbed Movie Download Aan Devathai Tamil Full Movie Download Kaithi Tamil Full Movie Download 爱乐透彩票Thimiru Pudichavan Tamil Full Movie Download Thozha Tamil Full Movie Download Bhaagamathie Tamil Full Movie Download Delhi Corona Sahayata App Kanithan Tamil Full Movie Download Vada Chennai Tamil Full Movie Download One Touch App Labs Garena Free Fire How to Delete Instagram Account Minmathi How to change Instagram Name Tik kik App EPDS AP Ration Card Status PM Garib Kalyan Yojana MPL App EPDS Bihar Ration Card List 爱乐透彩票Ration Card CamScanner App Vahana Mitra Unacademy Prodigy Scholarship Test HBO Max Radeon RX 580 Graphics Card Delhi Old Age Pension Form Online Application 爱乐透彩票Karnataka Ration Card Zoom Update Zoom App Rozgar Setu Change or Reset your Windows Password TN Epass Flight Qureka Pro Nvidia GeForce Graphics 446.14 NVIDIA GeForce MX250 BroChill App Google Sodar App Dream11 Prediction YSR Pension Kanuka Samastha Online Madrasa TikTok App PM SVANidhi Yojana Covid 19 mhpolice Epass Maharastra Covid 19 mhpolice Epass Pune Covid 19 mhpolice Aurangabad Epass Google Classroom App Covid 19 Epass Nashik Covid 19 mhpolice Palghar e Pass Covid 19 mhpolice Epass Nagpur CG Ration Card Maharashtra Ration Card List Assam Ration Card List TNPDS Smart Ration Card Status WhatsApp Web JioMart App Xnxubd 2019 Nvidia News Telugu Video OrderMe Patanjali App PM Kisan Samman Nidhi 爱乐透彩票Epic Games Store Remove Password from PDF Files BevQ Dream11 Prediction Mouni Roy Covid-19 Snippets Akshaya Thrithiya 2020 Moviesroot
欢乐赛车 彩尊彩票 山东群英会规则 中兴彩票 上海11选5